Wednesday, October 5, 2022

Binance Receives In-Principle Approval in Kazakhstan

Binance, the world’s largest cryptocurrency exchange by market volume has received in-principle approval to function as a digital assets trading platform in Kazakhstan.

The in-principle approval was issued by the Astana Financial Services Authority (AFSA). Also, Binance will provide custody in the Astana International Financial Center (AIFC). For Binance, this is a step towards getting licensed in the region.

The AFSA is one of the first regulators in Kazakhstan to issue an in-principle approval to a crypto firm of Binance’s kind. This approval authorizes the crypto exchange to carry out a couple of operations. Still, Binance would have to complete the application process. It is at the completion of the application process that Binance can fully operate as a digital asset trading facility as well as provide custody for AIFC.

Kazakhstan which is recognized as a crypto mining-friendly nation has been seeking ways to bolster crypto adoption in its country. Binance has also been working together with the Central Asian country up to the point of developing regulations to monitor the activities of crypto in Kazakhstan.

Binance and Growing Nod From Regulators

After a series of discussions and applications in Q1, Binance finally secured a license from the Dubai World Trade Center. This was shortly after the cryptocurrency exchange received a license from the Central Bank of Bahrain (CBB).

The government of the United Arab Emirates had initially started initiating strategies to enhance the growth and advancement of the crypto ecosystem in its region. Invariably, the focus of the regulation was to issue regulatory licenses to virtual assets service providers (VASP).

Again in June, Autorité des Marchés Financiers (AMF), financial regulator in France offered Binance an operational license.  Additionally, the France license came with approval from the Autorité de Contrôle Prudentiel et de Résolution (ACPR). The ACPR is a corporate agency responsible for regulating the French banking industry. Consequently, the approval/license opened more job opportunities to locals in France through Binance.

Starting Q3, the exchange bagged approval from Spain via its Spanish subsidiary, Moon Tech Spain, S.L. Henceforth, the exchange can offer its crypto trading services to the Spanish people. This will be in compliance with the requirements of the Bank of Spain’s anti-money laundering and counter-terrorist financing (AML/CTF) rules.

Binance is still gaming for more territories to conquer and it still maintains its spot as the largest exchange by trade volume.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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